6 de March de 2023
When we get to talk about Tax Advisory, we’re gathering around all the information and procedures related to a specific person or a company’s fiscal and accounting duties (taxes), such as income tax, tax on economic activities, corporate tax or added value taxes. These, as it’s been previously explained, are some obligations that all entities must prosecute.
However, many people don’t know all the key information regarding their responsibilities as an autonomous person or a company, and this may cause few headaches to those whom get notified with a warning or a penalty fee after delayed payments. To avoid those bitter surprises, we’re going to give you a broad and deep look into Tax Advisory.
What is Tax Advisory?
Taxpaying entities with complex financial situations such as convoluted investments and deductions tend to look for a Tax Advisor’s support to minimize the amount of tributary obligations and, also, keep paying all the taxes on time as well as the exact values.
Every business owner knows that taxes are related to the entire company’s operation, so in order to reduce losses, its necessary to be under constant Tax Advisory by an expert, whose responsibilities goes further than evaluating, fixing and planning the best ways to enhance the client’s resources while maintaining all duties up to date.
Why do we need Tax Advisory?
In order to comprehend the entire Tax Advisory purposefulness, we must put this in an everyday situation.
As you may know, the process of labeling and presenting, for example, an income tax return may result very distressful to many people. Sadly for them, this is a regular matter which laws change frequently, making it harder for business owners and individuals to keep on with the updates. Just think about it: credits, taxes, reportable income, government deductions and much more… What a mess!
Now, this prevalent confusions end up being the cause of mistakes, such as over payment, underpayment or – as explained before – delays. In any case the taxpayer will be losing money, especially for penalties. Fortunately all entities (individuals and companies) can count with the Tax Advisory support.
What does a Tax Advisor do?
Just like its name implies, a Tax Advisor is a person whose labor is to provide expert advice on documents, filers, laws updates and is also able to suggest strategies in order to reduce duties as well as audits that may lead to legal troubles. Moreover, a Tax Advisor not only can prepare documents on behalf of the client, but also represent them before tax authorities and courts to resolve tax issues. Among the Tax Advisory tasks, the expert in charge may:
- Assessing a customer’s budgetary and legitimate conditions to determine tax liabilities.
- Gathering, sorting out and getting ready tax archives and returns.
- Finishing complex tax documents and calendars that most assessment preparers are new to.
- Supporting the clients with duty issues amid and after a noteworthy life change, for example, a marriage, divorce, the demise of a life partner or the birth of a child.
- Representing clients in front of tax authorities.
To conclude, Tax Advisory is an important element for the right functioning of your company’s legal posture, but also for its financial behavior and improvement.
Remember that, in the case of mercantile companies, you can get an expert’s support on the following fiscal obligations thanks to a Tax Advisor:
- Corporate tax.
- Tax on economic activities.
- Value added tax.
- Billing obligations.
- Withholdings and income on account.
- Communications by electronic channels.
- Census of promoters, professionals and retainers.
Besides the aforementioned, in the case of individuals, limited liability entrepreneurs, communities of goods and civil societies, the Tax Advisory also can lend its aid on the income tax for individuals.
So, knowing this, you should look on your tax responsibilities to avoid any mistake or payment delay. Also, considering the complexity of the matter, we recommend you to contact an expert team on Tax Advisory to receive constant support along this convoluted process.